Generali Investments Management Co LLC Sells 19,336 Shares of Apple Inc. $AAPL

Key Points

• Generali Investments Management Co LLC reduced its Apple stake by 18.6% in the fourth quarter, selling 19,336 shares and leaving it with 84,394 shares worth about $22.9 million.
• Apple reported a strong fiscal quarter, with EPS of $2.01 versus $1.95 expected and revenue of $111.18 billion, up 16.6% year over year.
• The company raised its quarterly dividend to $0.27 per share from $0.26, while analysts remain generally constructive with a Moderate Buy consensus and average price target of about $308.74.

Generali Investments Management Co LLC cut its position in Apple Inc. (NASDAQ:AAPL - Free Report) by 18.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 84,394 shares of the iPhone maker's stock after selling 19,336 shares during the period. Apple accounts for about 4.6% of Generali Investments Management Co LLC's investment portfolio, making the stock its 7th biggest position. Generali Investments Management Co LLC's holdings in Apple were worth $22,943,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in AAPL. Overbrook Management Corp lifted its position in shares of Apple by 57.4% during the fourth quarter. Overbrook Management Corp now owns 104,648 shares of the iPhone maker's stock worth $28,449,000 after purchasing an additional 38,174 shares in the last quarter. Citizens Financial Group Inc. RI lifted its position in shares of Apple by 48.4% during the third quarter. Citizens Financial Group Inc. RI now owns 1,426,605 shares of the iPhone maker's stock worth $363,256,000 after purchasing an additional 465,393 shares in the last quarter. Tufton Capital Management lifted its position in shares of Apple by 4.3% during the third quarter. Tufton Capital Management now owns 100,130 shares of the iPhone maker's stock worth $25,496,000 after purchasing an additional 4,157 shares in the last quarter. KBC Group NV lifted its position in shares of Apple by 3.1% during the fourth quarter. KBC Group NV now owns 7,044,697 shares of the iPhone maker's stock worth $1,915,172,000 after purchasing an additional 214,215 shares in the last quarter. Finally, Montis Financial LLC lifted its position in shares of Apple by 15.8% during the third quarter. Montis Financial LLC now owns 77,919 shares of the iPhone maker's stock worth $19,841,000 after purchasing an additional 10,640 shares in the last quarter. 67.73% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Apple news, CFO Kevan Parekh sold 1,534 shares of the company's stock in a transaction that occurred on Thursday, April 23rd. The shares were sold at an average price of $275.00, for a total value of $421,850.00. Following the completion of the sale, the chief financial officer owned 13,366 shares of the company's stock, valued at approximately $3,675,650. This represents a 10.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Ben Borders sold 1,274 shares of the company's stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $290.00, for a total transaction of $369,460.00. Following the completion of the sale, the insider directly owned 38,713 shares of the company's stock, valued at $11,226,770. The trade was a 3.19% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 97,759 shares of company stock worth $24,964,305 over the last three months. Company insiders own 0.06% of the company's stock.

Apple Trading Up 1.3%

Shares of NASDAQ AAPL opened at $308.82 on Friday. The company's 50 day simple moving average is $269.64 and its 200 day simple moving average is $268.63. Apple Inc. has a fifty-two week low of $193.46 and a fifty-two week high of $311.40. The firm has a market capitalization of $4.54 trillion, a P/E ratio of 37.34, a P/E/G ratio of 2.69 and a beta of 1.06. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.07 and a quick ratio of 1.02.

Apple (NASDAQ:AAPL - Get Free Report) last issued its earnings results on Thursday, April 30th. The iPhone maker reported $2.01 EPS for the quarter, beating the consensus estimate of $1.95 by $0.06. Apple had a net margin of 27.15% and a return on equity of 146.69%. The firm had revenue of $111.18 billion during the quarter, compared to the consensus estimate of $109.46 billion. During the same quarter in the prior year, the firm earned $1.65 earnings per share. The business's quarterly revenue was up 16.6% on a year-over-year basis. On average, analysts predict that Apple Inc. will post 8.74 EPS for the current year.

Apple Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, May 14th. Shareholders of record on Monday, May 11th were paid a $0.27 dividend. The ex-dividend date of this dividend was Monday, May 11th. This is a boost from Apple's previous quarterly dividend of $0.26. This represents a $1.08 annualized dividend and a yield of 0.3%. Apple's payout ratio is currently 13.06%.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. Evercore restated an "outperform" rating and issued a $365.00 price objective on shares of Apple in a report on Thursday, May 14th. Oppenheimer restated a "market perform" rating on shares of Apple in a report on Friday, January 30th. DA Davidson restated a "neutral" rating and issued a $270.00 price objective on shares of Apple in a report on Friday, May 1st. The Goldman Sachs Group restated a "buy" rating on shares of Apple in a report on Monday, March 2nd. Finally, Robert W. Baird set a $310.00 price objective on shares of Apple in a report on Friday, May 1st. One equities research analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $308.74.

Key Apple News

Here are the key news stories impacting Apple this week:

• Positive Sentiment: Apple continues to be viewed as one of the best long-term large-cap tech names, with reports highlighting strong iPhone demand, its massive installed base, and the potential for Services to drive the next leg of earnings growth. Apple Services story
• Positive Sentiment: Analysts remain constructive: Evercore ISI reiterated an Outperform rating and raised its price target, while other commentary says Apple can keep compounding earnings and free cash flow as it expands AI features and devices. Analyst commentary
• Positive Sentiment: Apple executives saying the company is still in the “early innings” of spatial computing is reinforcing the view that new product categories could support future growth beyond the iPhone. Spatial computing article
• Neutral Sentiment: Apple’s legal fight with Epic Games remains a drag on sentiment, as the company asked the U.S. Supreme Court to review a contempt order tied to App Store fees. Epic lawsuit article
• Negative Sentiment: Some analysts are becoming more cautious on valuation after Apple’s run to new highs, warning the stock may be due for profit-taking. KeyBanc caution article

Apple Company Profile

Apple Inc NASDAQ: AAPL is a multinational technology company headquartered in Cupertino, California, founded in 1976 by Steve Jobs, Steve Wozniak and Ronald Wayne. The company designs, develops and sells consumer electronics, software and services. Over its history Apple has evolved from personal computers to a broad portfolio that spans mobile devices, wearables, home entertainment and digital services.

Apple's principal hardware products include the iPhone smartphone, iPad tablet, Mac personal computers, Apple Watch wearable devices and a range of accessories such as AirPods and HomePod.

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